Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $511,000 autocallable reverse convertibles on stocks
By Sarah Lizee
Olympia, Wash., March 31 – Credit Suisse AG, London Branch priced $511,000 of 12.4% autocallable reverse convertible securities due March 30, 2023 linked to least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Bank of America Corp., Goldman Sachs Group, Inc. and Wells Fargo & Co.
Credit Suisse will pay the coupon quarterly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on a quarterly observation date starting on Sept. 23.
The payout at maturity will be par unless any of the stocks finishes below its 60% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Bank of America Corp., Goldman Sachs Group, Inc. and Wells Fargo & Co.
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| Amount: | $511,000
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| Maturity: | March 30, 2023
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| Coupon: | 12.4%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par plus the coupon if shares close at or above initial share price on a quarterly observation date starting on Sept. 23
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| Initial share prices: | $19.67 for BofA, $138.41 for Goldman, $26.50 for Wells
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| Knock-in prices: | $11.80 for BofA, $83.05 for Goldman, $15.90 for Wells; or 60% of initial share prices
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| Pricing date: | March 23
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| Settlement date: | March 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22550MBY4
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